Cyber security is vitally important for all organisations as hackers rely on organisations failing to put the basic defenses in place. The threat of cyber-attacks is ever evolving and changing, with hackers finding new methods of attack against organisations. If you run a business, it is your responsibility to put cyber defense methods in place, as a single cyber-attack can be detrimental to a business causing business disruption, financial loss and impact reputation.
Although there is no way to predict when a cyber-attack will take place against your organisation, having an incident response plan in place and being prepared in event of one,is vital. An incident response plan will ensure there is a set process your organisation will follow in event of an incident. This will ensure your organisation is prepared and ready to respond to a breach or attack. It is important to integrate cyber risk management within your organisation to ensure you are mitigating impacts from such attacks.
Whether a cyber-attack or breach is small or large, when revenue and confidential information is at stake it is important for organisations to be able to identify an attack and respond efficiently.
What is a Cyber Incident Response Plan?
Acyber incident response plan is your guide to the procedures you will follow in the unfortunate event of a cyber security incident within your organisation, this is so that you are prepared in event of a cyber incident. The cyber incident response plan is a structured method and plan for handling data breaches and cyber-attacks. The plan will indicate the main cyber risks the organisation faces and the attacks that could occur on the organisation, with a plan on how to respond to an incident. The incident response plan details which members of the security team will take lead in event of a cyber-attack, the actions that would need to be taken and how the incident will be investigated and communicated. A well-defined incident response allows an organisation to identify, mitigate damage to business and prevent future attacks by putting appropriate solutions in place.
The Top Reasonsfor Having an Incident Response Plan
Reputational Damage and Loss of Consumer Trust– After a cyber incident or breach, it is inevitable that your business’s reputation will be affected. A survey conducted by PWC, showed that “87% of consumers say they will take their business elsewhere if they don’t trust a company is handling their data responsibility”. An attack against your organisation does not provide assurance to your customers that you’re putting the appropriate steps in place, resulting in possible loss of your clients or customers.
Protecting Revenue– Having an incident response plan ensures that you are doing everything you can to protect potential loss of revenue from an incident. Direct business revenue is at risk during a cyber attack or data breach, not to mention forensic investigational costs following the breach and potential compliance fines associated with failure to comply with regulations such as; GDPR. If a business does not comply with GDPR, fines can range up too £15.4 million or 4% of a company’s annual turnover; whichever is greater.
Minimising impact for all involved– The response plan should detail a risk management plan, which details potential risks in the business and the required response. The response to an incident should be established so that this minimises impact for employees, clients and other aspects of a business. It is important to establish the appropriate steps that will be followed after the incident to mitigate impact for all those involved and ensuring the attack does not affect other aspects of a business which could have potentially been mitigated.
Incident Response Plan Checklist…
Creating an Incident Response Plan for your business is crucial and it is important that you are prepared in the event of an attack. CS Risk Management is a cyber security and risk management consultancy, with over 10 years of experience helping organisations develop cyber incident response plans.
We have put together a checklist to ensure your organisation is taking the correct measures in developing an Incident Response plan! Download your free copy of our cyber incident response plan checklist here!
About the Author:
Tim Schraider; Director and Cyber Security Consultant at CS Risk Management
Tim is a cyber security expert with over 10 years’ experience in all aspects of cyber risk management, cyber response, compliance and industrial control systems. Tim has helped establish cost-effective cyber security consultancy solutions for organisations of any size or industry and assist them in achieving their cyber security goals.
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